But what happens if you get laid off? What happens if the industry you work in suffers economically? I’ll tell you what happens. That one source of income you’ve been relying upon is suddenly not so reliable.

That’s why I tell people that having multiple sources of income is one of the keys to working less and making more. If all your sources of income are up and firing, then you’re in great shape. And if one of them dries up, no big deal. You still have plenty of income sources to depend on.

The key is to develop profit centers that make sense. That means profit centers that generate money but don’t take up too much time. Yes, of course you’re going to need to devote a little time to your profit centers. I never promised you something for nothing! But if you develop a profit center that takes up 30 hours a week, and add that to your initial business that takes up 40 hours a week, you’ll soon be working 70-hour work weeks. And that’s not what working less and making more is all about!

One of the keys to developing a good profit center is to recognize your brilliance, and then to integrate it with innovation, adding value, and duplicating yourself. A good profit center adds a new twist and dimension to what you’re already doing.

One of the best examples is Martha Stewart. Martha’s brilliance is helping others create a comfortable home. She started out with a television show, then used her brilliance to publish a magazine, write several books, and even design and sell her own line of home accessories. If television were to be outlawed tomorrow, Martha wouldn’t have any worries. She’s got plenty of other streams of income to fall back on.

In the comment section below, let me know (1) your main source of income, and (2) new profit centers that you can develop in order to begin creating multiple streams of income.